THE Accommodation Association has applauded National Cabinet’s four phase pathway out of the pandemic.

The international travel ban has significantly impacted metropolitan hotels particularly those in the international hubs of Sydney and Melbourne. Sydney hotels are currently at sub-2 percent occupancy and facing at least 50 percent cancellation rates all the way through to August as a result of the most recent state and territory border closures and restrictions. 

“The Accommodation Association along with the Australian Chamber of Commerce and Industry and several other peak bodies have been calling for National Cabinet to release its roadmap to recovery and we welcome the common-sense approach outlined in today’s four stage plan," Accommodation Association CEO Dean Long said.
 
“We look forward to continuing to work with government at all levels as we work towards establishing key milestones in learning to live safely with COVID within a more normal framework.
 
“Our sector more than most has been heavily hit as a result of the international travel ban and the ongoing domestic border closures and restrictions. Our people and our properties, especially those hotels and accommodation providers in Sydney and Melbourne, have been under immense pressure and today’s announcement means we can all breathe a little easier because an end is now in sight," Mr Long said.

“Hotel quarantine has been critically important to allow thousands of Australians return home. Our members look forward to working with the government to ensure all Australians that wish to return home can.
 
“We welcome the enhanced vaccination rollout, and we encourage all Australians to get vaccinated so that we can all get back to living and travelling sooner rather than later.”\

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AUSTRALIA’s world-first climate-related consumer protection code of conduct is now fully operational, committing the nation’s carbon industry to higher standards of integrity, transparency and accountability than ever before. 

The Australian Carbon Industry Code of Conduct has expanded its powers to investigate consumer complaints, monitor and audit activities of its 22 signatories, and take enforcement action against those that deliberately mislead or disadvantage community clients. 

John Connor, CEO of the Carbon Market Institute, which administers the voluntary code said, “This is a vital step in growing a high integrity Australian carbon reduction and sequestration industry that farmers, consumers and investors can rely on. It’s an important world-first, building on an already respected framework of government assurance.” 

Code signatories include carbon service providers who, on conservative estimates, represent almost half of all carbon credits issued under the Federal government’s Emissions Reduction Fund. They are, or will be, significant participants in state-based contracting such as Queensland’s Land Restoration Fund. 

Code signatories also include intermediary brokerage, legal and advisory service providers. Many signatories engage with independent landowners, farmers, pastoralists and Indigenous stakeholders in their business activities. 

Under the code, these carbon businesses have committed to ensuring this engagement follows proper, ethical processes, does not jeopardise the stakeholders’ rights, and enhances the industry’s overall reputation. 

The Carbon Market Institute recently appointed former Clean Energy Regulator board member Virginia Malley, and regulatory and finance experts Kim Lawrence and Ross Carter as members of the inaugural Code Review Panel – an independent body that will act as an arbitrator of code compliance and appeals processes. 

The code administrator also welcomed the New South Wales Government as its second formal government partner, joining the Queensland Government in endorsing the code as a critical third-party assurance framework for developing state carbon markets. 

Esther Bailey, director for climate resilience, adaptation and net zero emissions in the NSW Department of Planning, Industry and Environment, said, “We are excited to be the second government partner supporting this important market-shaping code. 

“Strong and credible carbon markets will be vital to meeting the decarbonisation challenge, and tools like the Code will help us get there.” 

Mr Connor said, "The code has now reached a critical milestone of maturity, and with growing support from governments and industry partners, this framework is now an important foundation of Australia’s climate response.” 

The code of conduct aims to increase the quality of carbon abatement that is occurring in Australia, ensuring that projects ranging from traditional fire management in Cape York to native ecosystem regeneration projects in Tasmania all contribute positive outcomes to local employment, the environment as well as to the stakeholders involved. 

“Considering the scale and extent of climate action required to limit global warming to 1.5 degrees celsius, carbon projects remain a critical climate solution," Mr O'Connor said.

“As this industry grows, the code will play a role in ensuring that local communities, Indigenous stakeholders and farmers can make informed decisions, are engaged in a meaningful way, and that appropriate benefit-sharing takes place. 

“The code also provides a layer of consumer protection to other market participants, providing an additional level of risk assurance to the large and multinational corporates that are increasingly purchasing carbon credits. 

“In addition, the code seeks to integrate climate repair with land and history repair – so that carbon projects contribute to healthy, resilient and pragmatic benefits to Indigenous communities that respect their native title rights. 

“We look forward to working with our expanding cohort of signatories in the coming months and raising the integrity and reputation of the industry to match the rate of growth of private and public sector investment in climate action right across the country. 

“We also look forward to engaging with our government partners and industry supporters to ensure our carbon industry can continue to contribute to Australia’s emissions targets at the highest levels of integrity, transparency and accountability possible.” 

About the Australian Carbon Industry Code of Conduct 

The Australian Carbon Industry Code of Conduct is a voluntary compliance framework that aims to promote best practice within Australia’s carbon reduction and sequestration industry. The code provides guidance for carbon service providers undertaking carbon projects including under the Emissions Reduction Fund and other Voluntary Offset Schemes in Australia 

About the CMI 

The Carbon Market Institute is the industry association for business leading the transition to net-zero emissions and has over 100 corporate members including primary producers, carbon project developers, emission intensive companies and legal, banking and advisory service providers. CMI also operates as the administrator of the Australian Carbon Industry Code of Conduct.

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AUSTRLALIAN resources and energy exports have hit a record high of $310 billion in 2020-21 – almost a third of a trillion dollars – according to the latest Resources and Energy Quarterly (REQ) update. 

Resource export earnings are estimated to be almost seven percent higher than the record set last financial year, with earnings expected to rise even further to $334 billion in 2021–22. 

Queensland Resources Council (QRC) chief executive Ian Macfarlane said Queensland’s major commodities of coal, LNG, bauxite and zinc are helping drive the strong growth outlook.

"The resources sector underpins our state and national economy, which is why it’s been so important to keep resources companies operating safely during COVID-19,” he said. 

“It’s also why the QRC is working so closely with the State Government to work out the best way to keep our FIFO and DIDO workers safe, as well as protect the communities in which they work and live.” 

This week the QRC renewed its offer for Queensland’s resources sector to assist the State Government with vaccine transport and by providing regional facilities and health staff to support vaccination hubs if needed. 

Mr Macfarlane said the latest outlook for resource exports shows the world economy is bouncing back from the impact of the COVID-19 pandemic. 

“Metallurgical coal companies are benefiting from a surge in world steel production, with Australian export volumes expected to increase by around 10 percent to 2023,” Mr Macfarlane said. 

“The price for metallurgical coal is also set to increase, with the Chief Economist reporting prices have regained all of the losses incurred due to China’s informal ban in Australia’s coal imports. 

“There’s also good news for thermal coal producers, with the Japanese thermal coal contract reference price now finalised and set to increase by 60 percent on the previous year.” 

Queensland’s other powerhouse commodities are also in line for significant growth, notably zinc, with New Century Resources’ Century Mine in North-West Queensland expected to boost plant throughput by 20 percent. 

MMG’s Dugald River increased its output of zinc by 38 percent year-on-year in the March quarter 2021. 

Mr Macfarlane said strong demand for LNG from emerging Asian economies is expected to increase by 44 percent due to declining local domestic gas production, the expansion of gas-fired power generation and new LNG infrastructure developments. 

He said increasing demand for aluminium was behind a 22 percent rise in prices in the first half of 2021. 

“World demand for aluminium is expected to remain strong in the second half of 2021 and likely to push prices to an average US$2,130/tonne, which is up 25 percent from 2020,” he said. 

“The positive forecast for resources exports is great news for our sector and great news for Queensland, because it means more money flowing through the state economy, more jobs and increased prosperity for the businesses that provide goods and services to the resources sector.” 

* The REQ contains the Office of the Chief Economist’s forecasts for the value, volume and price of Australia’s major resources and energy commodity exports. Click here for the June report. 

www.qrc.org.au

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SUNCORP has been recognised as ‘Bank of the Year’ for the fourth consecutive year in the 17th Consumer Finance Awards, published by Money magazine.

The annual awards help Australians find the top performers in each category so they can bank, borrow and invest with the best. The awards recognise the leading financial institutions across 21 categories.

Notable award winners were Suncorp (Bank and Business Bank of the Year), Budget Direct (Insurer of the Year), ME Bank (Money Minder of the Year) and Bendigo Bank (Home Lender of the Year).

Suncorp, Budget Direct, ME Bank, Police Bank, La Trobe Financial, Greater Bank, Move Bank, Bank First and Freedom Lend all retained their awards from 2020.

The winners are recognised for their competitive pricing for Australians and consistent focus on the markets they serve.

The collection of winners and finalists are selected after a rigorous data-driven analysis assisted by research leaders Rainmaker Information and data provider InfoChoice.

"With COVID-19 hitting our bank balances hard, your choice of finance provider could make the difference between shaving years of your loan or wearing those mortgage boots for longer," said Michelle Baltazar, editor-in-chief of Money magazine.

"We congratulate our winners for giving more Aussies the chance to fulfil their dreams, whether it's buying property for the first time or financing a small business, through better banking deals."

Julia Newbould, managing editor of Money magazine, congratulated the winners by saying, “it was good to see a lot of winners from previous years still performing at the top of our lists - it shows that they are committed to continuing to look after their members' best interests. It was also great to see new players emerge in these competitive categories. A competitive market is always going to be a win for consumers.”

The full results of the Consumer Finance Awards are published in the July issue of Money magazine, on sale from Thursday, July 1, 2021.

Also in the July issue of Money is Good Debt, Bad Debt, looking at how borrowing money can have a positive effect on your financial future.

And Paul Clitheroe writes a special feature on spotting frauds: 'If it sounds too good to be true, it probably is'.

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